Approx 30% of tracks on the verge of bankruptcy including NY , state does not have enough money to pay Belmont Stakes Winner as of now, many tracks cutting race dates significantly and att at an all time low. I think something is going to give soon.
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Lower track takeouts from 14-20% down to 7-10% and people may actually have a shot at winning which would draw more people to the track. But the tracks are greedy and do not realize that they reduce their profits but do not lose money because attendance would be up, they would rather have what they think is a sure thing and just rape the pari-mutual pool till their is no value left.
Greed is killing horse racing
players will not come to play as long as they stand no chance of winning.
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They will eventually move to the betfair model.Comment -
the track takeout is not what is keeping people away... do you think the recreational horse bettor even knows about the track takeout? most tracks have become scummy and run down and it turns off most people... only the hardcore degenerates go there.. they need to find a way to bring the public in...Comment -
Tracks that do not add slots or other forms of gambling are doomed at this point.Comment -
it's b/c NYRA sux at how they spend their moneyComment -
The public does not know about takeouts but they do know that they can't win money betting on horses which is directly related to track takeouts. Tracks in Australia are doing very well with takeouts less than 10%.Originally posted by ProfaneReality
I once did a study of a sample of a thousand or so races and found that ironically horses that go off at 10-1 win right at 10% horses that go off at 4-1 win right around 25% and found that horses at even money or less win less than the 50% of their races that is required to break even. With this knowledge one could conclude that if the takeout was 10% less than it is currently that a horse going off at 4-1 would now become 5-1 therefore winning 25% of the time when it is only required to win 20% of the time therefore creating +EV which would give patrons a reason to attend.
Further one could conclude that your more popular tracks in the U.S. such as NY and KY have a 5% lower takeout than junk tracks like MD and DE.Comment -
Come to the UK JJ, you can win all day by picking losers
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racing has been dying a slow death for the last 15 years in IllinoisComment -
Has nothing to due with takeouts, racing use to be very big. It has to do with economy and casino gamblingComment -
People also know you cant win longterm in the casino's... that doesn't stop them from going in...Originally posted by sharpcat
your study is all well and good, but I think it would only interest "sharps" or those trying to make a living gambling which is about .0001% of the populationComment -
Many factors have contributed to the decline..Increased competition for a limited amount of wagering dollars is at the forefront. With the advent of simulcast facilities the ontrack attendance and handle has sufferred dramatically. As states that supplement racing with slot revenue start to withdraw support racing will be in real peril. Horseracing needs to expand our product worldwide and draw revenue from foreign gamblers...the more money wagered the bigger the purses,,,the bigger the purses the more owners...then the tracks should make live racing an event once againComment -
costs are prohibitive for most to own the horses, less people in the game, there's a reason its called the sport of kingsComment -
Spo-onOriginally posted by sharpcatLower track takeouts from 14-20% down to 7-10% and people may actually have a shot at winning which would draw more people to the track. But the tracks are greedy and do not realize that they reduce their profits but do not lose money because attendance would be up, they would rather have what they think is a sure thing and just rape the pari-mutual pool till their is no value left. Greed is killing horse racing players will not come to play as long as they stand no chance of winning.
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Let's remember that state taxes take most of that 14 to 20 percent. Currentl the track makes about 5% and the horsemen 5%Originally posted by whatsgood5Spo-onComment -
This is foolish to sayOriginally posted by jjgold
Although it may not be completely due to high takeout percentages it is incorrect to imply that this has nothing to do with it. Race tracks in the UK and Australia are very successful and ironically also have a much lower track takeout percentage.
Racing was big years ago before casinos and slots started spreading like wildfire outside of AC and Vegas.
As "Profane" stated people would rather lose their money in a casino because it is much easier to bet red or black than it is to read a race program. From an EV perspective I would rather the house have a 5% edge on me picking red or black than I would getting the same odds and having to spend 2 hours reading a race program.
Tracks outside of the U.S. have no problem making profits with a 5-10% lower takeout than U.S. tracks there is no excuse outside of greed for takeouts to be so high.
Not saying that this is the only reason but it is a very big contributor to why horse racing is dying in the states.Comment -
As a major horseracing fan, there are several things that need to be done to get horseracing back on the map.
In my opinion, and in no particular order:
1. Lower takeout. Tracks will make up the loss in a recirculation of money. It works.
2. Less tracks. I'm sorry, but there are way too many tracks right now with too many racedates. Either some need to close, or they need to seasonalize. Because there are so many places you can enter a horse right now, it makes for many 5 to 7 horse fields. Racing with short fields is AWFUL and UNEXCITING. We need more 9 to 14 horse fields. I believe Monmouth Park came up with a good concept this summer. They are only racing three days a week, and will have $1 mil in purses every day. I guarantee this will be successful. I would rather bet 14 rodent maiden claimers going 6 furlongs than a 500K stake race with 5 entries any day of the week.
3. Uniform racing and wagering rules are a must. One state can use Lasix, another can use Bute, and another ban both. In one state, the pick 3 rules are vastly different than another state. There should be 1 oversight jurisdiction, run by the Federal government.
4. Upgrade the facilities, toss the degenerate crusty rude horseplayer. If a 30 year veteran is cursing like an animal, throwing tickets and programs, kicking chairs, etc...... show him the door. I cannot tell you the number of newcomers I have taken to the track, saw this type of behavior and clientele, and said, ummmm this isn't for me. Sorry.
5. Stop having 30 min between races. 15-20 min is more than enough, except on special days like the Derby.
6. Tracks should not offer a pick 6 or pick 4 if the total pool is only $1000. Seriously, please stop it, unless you offer a guaranteed pool. I'm talking to you Prairie Meadows, Sam Houston, Bay Meadows, and other smaller tracks. This includes harness tracks.
This isn't hard, but until the pockets of "executive oversight" like OTB, NYRA, and other are eliminated, racing will be damned.Comment
